Shadow economy in Ukraine drops by 11 p.p. in 2018 from 2014 – economy minister

Photo from UNIAN First Deputy Prime Minister of Ukraine, Minister of Economic Development and Trade Stepan Kubiv says shadow economy in Ukraine dropped by 11 percentage points (p.p.) in 2018 from 2014. "Since 2014, the shadow economy has shrunk by 11 percentage points. This is the result of many factors, namely reducing the single social security tax, raising the minimum wage, reforming the public finance sector, as well as deregulation and decentralization. We are talking about public finances of the state," Kubiv said during a Q&A hour in the Verkhovna Rada on October 5. Read alsoUkraine loses US$893 mln in taxes due to shadow fuel market – Accounting Chamber The shadow economy in Ukraine in the first half of 2018 decreased by 3% year-over-year, to 32% of the country&#39;s GDP. "The level of the shadow economy in the first half of 2018 dropped by 3% compared with the corresponding period of 2017, to 32% of the official GDP. This is a big progress compared to the peak of the shadow economy reported in 2013-2014," the official added.

Shadow economy in Ukraine drops by 11 p.p. in 2018 from 2014 – economy minister

Please Subscribe For Full Access

UNIAN Web subscription